VANCOUVER, BC / ACCESSWIRE / May 13, 2014 / Novo Resources Corp. (CSE: NVO; OTCQX: NSRPF) is pleased to announce the discovery of two new outcropping gold-bearing conglomerate horizons (reefs) located on tenements that are part of the newly established joint venture with the Creasy Group (for details, see news release dated March 4, 2014).
Elsie Creek and Miningarra Gold-Bearing Conglomerates
At Elsie Creek, situated approximately 59 kilometers east northeast from Novo's Beatons Creek project near Nullagine, metallic screen fire assays from fourteen spot rock chip samples have returned values ranging between 0.72 and 91.95 ppm gold (see below table). These samples were collected from a reef up to two meters thick that is variably exposed in outcrop over a strike length of approximately 300 meters. The conglomerate is composed of pebbles and cobbles up to 0.5 meter diameter and its matrix displays abundant rounded cavities filled with iron oxides that have resulted from the weathering of detrital (buckshot) pyrite, a common component of the gold-bearing reefs at Beatons Creek. Unlike the gold-bearing conglomerates at Beatons Creek that are hosted by the Hardy Formation, the reef at Elsie Creek is situated at the base of the Mt. Roe Formation, a thick unit of basalt flows at the base of the Fortescue Supergroup. This reef sits unconformably on basement greenstone. Conglomerates at Elsie Creek were first identified by geologists from the Creasy Group in 2011, and fire assays taken at that time returned up to 120 ppm gold.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |Metallics Screen Fire Assays of Spot Rock Chip Samples of Conglomerates from Elsie Creek (14ECR) and Miningarra (14MCR) | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |Sample |Sample |Weight of Greater than |1st Fire Assay (AA Finish) of|2nd Fire Assay (AA Finish) of|Weight of Gold in Greater than|Total |% Gold Less |% Gold Greater| |Numbers |Weight |150 Micron Fraction (g)|Less than 150 Micron Fraction|Less than 150 Micron Fraction|150 Micron Fraction |Gold |than 150 |than 150 | | |(g) | |(ppm) |(ppm) |(Micrograms) |(ppm) |Microns |Microns | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 1 |998.7 |7.97 |26.76 |26.35 |4450 |30.79 |85.56 |14.44 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 2 |999.6 |34.7 |14.77 |14.35 |7600 |21.66 |64.89 |35.11 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 3 |992.5 |19.01 |1.02 |1.22 |150 |1.25 |87.88 |12.12 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 4 |997.5 |6.13 |0.81 |0.73 |5 |0.77 |99.39 |0.61 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 5 |993.8 |32.89 |2.48 |2.71 |1405 |3.92 |64.01 |35.99 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 6 |996.7 |34.12 |1.74 |2.38 |795 |2.79 |71.31 |28.69 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 7 |994.4 |15.8 |0.5 |0.42 |0 |0.45 |100.00 |0.00 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 8 |998.5 |21.62 |0.69 |0.73 |25 |0.72 |96.48 |3.52 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 9 |996.5 |11.36 |1.6 |1.63 |5 |1.6 |99.79 |0.21 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 10 |996.7 |30.89 |14.84 |16.14 |3650 |18.67 |80.40 |19.60 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 11 |994.4 |27.33 |53.86 |54.58 |39000 |91.95 |57.35 |42.65 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 12 |992.9 |20.2 |1.65 |1.49 |30 |1.57 |97.97 |2.03 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 13 |995.8 |35.28 |3.42 |3.64 |200 |3.6 |94.58 |5.42 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14ECR 14 |994.2 |7.05 |0.49 |0.6 |245 |0.78 |69.38 |30.62 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 1 |995.70 |31.37 |7.85 |7.80 |415 |8.00 |94.73 |5.27 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 2 |997.80 |16.14 |0.82 |1.00 |115 |1.01 |88.64 |11.36 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 3 |998.70 |30.16 |0.25 |0.18 |130 |0.34 |61.33 |38.67 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 4 |994.80 |9.25 |2.48 |3.19 |210 |3.01 |93.31 |6.69 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 5 |997.40 |11.76 |0.94 |0.66 |150 |0.94 |84.10 |15.90 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 6 |994.80 |15.30 |5.87 |5.50 |4200 |9.82 |57.00 |43.00 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 7 |992.80 |20.96 |5.89 |5.24 |5 |5.45 |99.95 |0.05 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 8 |998.20 |12.12 |5.27 |5.74 |55 |5.49 |99.06 |0.94 | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| |14MCR 9 |994.60 |8.91 |0.08 |0.05 |0 |0.06 |100.00 |0.00 | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gold-bearing conglomerates were also sampled at Miningarra, approximately 86 km north northeast of Beatons Creek. Metallic screen fire assays from nine spot rock chip samples returned between 0.06 and 9.82 ppm gold (see above table). These samples were collected from a reef that is exposed over a strike length of approximately 50 meters and is up to 3 meters thick. The conglomerate is composed of pebbles and cobbles up to 0.4 meter diameter and its matrix displays abundant rounded cavities filled with iron oxides after buckshot pyrite. This reef is situated within the Mt. Roe Formation between two basalt lava flows. The reef at Miningarra was first identified by geologists from the Creasy Group in 2011, and fire assays taken at that time returned up to 8 ppm gold.
Other Sampling
Two orientation soil samples were collected at a gold showing located approximately 85 km north of Beatons Creek. Both were analyzed by metallic screen fire assay. Sample 14STS-1 returned 30.56 ppm gold and a second sample, 14STS-2, taken approximately 40 meters away, returned 7.89 ppm gold. Rocks in this area do not include conglomerates, and the type of gold mineralization responsible for this anomaly is uncertain at this time. Rocks in the area include greenstone, granite and other intrusive rocks. This gold occurrence was first identified by stream sediment samples taken by the Creasy Group between 2011-13. Novo collected orientation soil samples in preparation for a soil survey to be undertaken over the target area in late June or July.
BLEG Sampling Update
On March 19, 2014 (for details, see news release dated March 19, 2014), Novo announced that it would undertake a bulk leach extractable gold (BLEG) sampling program with Newmont Exploration Pty Ltd using Newmont's proprietary BLEG technique. All of Novo's Pilbara tenements are being sampled. BLEG samples are a type of stream sediment sample that displays high sensitivity allowing for rapid screening of large tracts of land for the presence of outcropping gold mineralization. This program is designed to help quickly identify new potential gold targets. As of this news release, sampling is nearly complete on Novo's tenements located in the eastern half of the Pilbara region. Due to cattle mustering season, sampling in areas in the west may be delayed until late June and July.
"We are pleased to see gold-bearing reefs on our new tenements," commented Dr. Quinton Hennigh, President, CEO and Director of Novo Resources Corp. "Our sampling has confirmed results from the Creasy Group which first identified these occurrences three years ago. Reefs at Elsie Creek and Miningarra occur in a part of the stratigraphic section well beneath those at Beatons Creek telling us that potential exists to see multiple productive horizons within the Fortescue Supergroup."
Quality Control and Quality Assurance
Rock chip and soil samples reported in this news release were collected by Novo Resources' personnel. Samples were prepared and analyzed by metallic screen fire assay (screened to -150 microns) by Intertek-Genalysis Laboratory Services Pty Ltd, Perth, Australia. Metallics screen fire assaying utilizes a 1 kilogram split of pulverized sample. This assaying technique is ideal for mineralization containing nugget gold.
Dr. Quinton Hennigh, Novo's Chief Executive Officer, President and Director and a Qualified Person as defined by National Instrument 43-101, has approved the technical contents of this news release.
About Novo Resources Corp.
Novo's focus is to evaluate, acquire and explore gold properties. The company presently has multiple joint ventures earning a 70% interest in approximately 20,000 square kilometers of the Pilbara region, Western Australia. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected].
On Behalf of the Board of Directors,
Novo Resources Corp.
"Quinton Hennigh"
Quinton Hennigh
CEO and President
The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
SOURCE: Novo Resources Corp.